// H&M posts a year-on-year increase of 10% in sales during the September to November period
// Net sales for September-November, stood at 62.5 billion Swedish crowns (€5.79 billion), up from 56.8 billion crowns a year ago
H&M has seen a 10% increase year-on-year in September-November net sales.
According to Reuters, sales slightly exceeded market expectations of a 9.5% rise.
The world’s second-biggest fashion retailer‘s fiscal fourth-quarter sales stood at 62.5 billion Swedish crowns ($6.13 billion), up from 56.8 billion crowns a year ago while Reuters said, analysts polled by Refinitiv had on average forecast 62.17 billion crowns.
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H&M has struggled to keep up with bigger rival Zara and last month it became the first big European retailer to lay off staff in response to the cost-of-living crisis as it tries to save 2 billion Swedish crowns ($196m) a year.
“The H&M group’s operations in Russia and Belarus were wound up during the quarter, with the remaining stock being sold off and the last stores having closed on 30 November,” the company said in a statement.
“During the quarter around 25–50 stores in China were temporarily closed due to new Covid outbreaks,” it added.
Measured in local currencies, sales in the quarter were unchanged, it said.
This week H&M’s rival, Zara owner Inditex, posted a 24% increase in net profit in the first nine months of its fiscal year against a tough trading environment for fashion firms amid a weakening global demand for clothing.
The world’s biggest fashion retailer‘s store and online sales rose 19% from a year ago, hitting €23.1bn, slightly faster than what analysts had expected after it raised prices by 5% or more since spring to anticipate with inflationary pressures in several markets.
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